Global Customer Engagement Solutions Market Is Set For A Rapid Growth And Is Expected To Reach USD 29.49 Billion By 2024

13-Nov-2018 | Zion Market Research

Zion Market Research has published a new report titled “Customer Engagement Solutions Market by Solution (Omnichannel, Workforce Optimization, Robotic Process Optimization, and Analytics & Reporting), by Service (Professional Services and Managed Services), by Deployment Type (Cloud, On-premise), by Organization Size (Small & Medium Enterprises, Large Enterprises), and by Vertical (BFSI, Consumer Goods & Retail, Telecommunication, Healthcare & Life Sciences, Automotive & Transportation, Media & Entertainment, Travel & Hospitality, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global customer engagement solutions market accounted for USD12.85 billion in 2017 and is expected to reach USD 29.49 billion by 2024, growing at a CAGR of around 12.6% between 2018 and 2024.

Customer engagement solutions are defined as software that manages customer interactions and communications through various solutions, such as analytics and reporting, Omni channels, etc. Customer engagement solutions are introduced owing to the penetration of the internet and increasing adoption of smart devices, such as smartphones, laptops, tablets, etc. Business organizations around the globe focus on increasing the user experience a part of their expansion strategy and to retain their customer base. 

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Browse the full "Customer Engagement Solutions Market by Solution (Omnichannel, Workforce Optimization, Robotic Process Optimization, and Analytics & Reporting), by Service (Professional Services and Managed Services), by Deployment Type (Cloud, On-premise), by Organization Size (Small & Medium Enterprises, Large Enterprises), and by Vertical (BFSI, Consumer Goods & Retail, Telecommunication, Healthcare & Life Sciences, Automotive & Transportation, Media & Entertainment, Travel & Hospitality, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/customer-engagement-solutions-market

Global Customer Engagement Solutions Market

Increasing penetration of smart and advanced consumer electronic devices and the internet is the major factor driving the customer engagement solutions market. In addition, continuous introduction of advanced technologies and solutions, such as the internet of things (IoT), is estimated to increase the adoption of customer engagement solutions, due to the assistance provided by IoT in customer engagement solutions. Hence, the integration of IoT with customer engagement solutions is estimated to be a primary factor likely to drive the global customer engagement solutions market. However, the complex issues associated with the implementation of customer engagement software, lack of resources, and data breaches are the major factors that are hindering the growth of this market. Increasing investments made in artificial intelligence is estimated to open all growth opportunities for the market in the upcoming years. 

Omnichannel, robotic process optimization, analytics and reporting, and workforce optimization form the solution segment of the customer engagement solutions market. Analytics and reporting solutions segment is expected to register the highest growth rate in the forecast timeframe, due to the increase in the use of IoT in business, which, in turn, increases the use of analytical capabilities.

By organization size, the customer engagement solutions market is segmented into small and medium enterprises solutions and large enterprises. The small and medium enterprises segment is estimated to register a higher growth rate during the projected years, due to the implementation of cloud-based customer engagement solutions that results in business outcomes and increased revenue.

Among the verticals analyzed in this report, the BFSI segment is estimated to lead the market from 2018 to 2024. This growth is due to the rise in the adoption of customer engagement solutions in BFSI applications, as it helps BFSI organizations to automate customer communication processes through chatbots, which, in turn, reduces service delivery period.

North America dominated the customer engagement solutions market in 2017. The growth of this regional market is driven by the presence of the key players, such as Microsoft, IBM, Oracle, Nuance Communications, Verint Systems, and Salesforce in the region. Europe is anticipated to experience significant growth over the projected years, owing to the adoption of customer engagement solutions in several applications, such as consumer goods and retail and automotive sectors. The Asia Pacific is anticipated to be the fastest growing market from 2018 to 2024, due to the increasing adoption of cloud computing by various organizations in this region.

Some key players in the customer engagement solutions market are Avaya, Aspect Software, Pitney Bowes, Nuance Communications, Calabrio, Oracle, Pegasystems, Genesys, IBM, Microsoft, Nice Systems, OpenText, Salesforce, SAP, ServiceNow, Verint Systems, and Zendesk, among others.

This report segments the global customer engagement solutions market as follows:

Global Customer Engagement solutions market: Solution Segment Analysis

  • Omnichannel
  • Workforce Optimization
  • Robotic Process Optimization
  • Analytics & Reporting

Global Customer Engagement Solutions Market: Services SegmentAnalysis Services

  • Professional Services
    • Implementation & Integration Services
    • Support & Maintenance Services
    • Consulting Services
  • Managed Services

Global Customer Engagement solutions market: Deployment Type Segment Analysis

  • Cloud
  • On-premise

Global Customer Engagement solutions market: Organization Size Segment Analysis

  • Large Enterprises 
  • Small & Medium-Sized Enterprises

Global Customer Engagement solutions market: Vertical Segment Analysis

  • BFSI 
  • Consumer Goods & Retail 
  • Telecommunication 
  • Healthcare & Life Sciences 
  • Automotive & Transportation 
  • Media & Entertainment 
  • Travel & Hospitality 
  • Manufacturing 
  • Others

Global Customer Engagement Solutions Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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